Based on Nasdaq 100 methodology, the combined weight of the five companies with the largest market caps will be set to 38.5%. The five-largest companies, Apple, Microsoft, Google, Amazon and Nvidia had a combined weight of 46.7%. That suggests some notable reduced weightings for these names.

Meanwhile, no component outside the top-five market cap companies can have a Nasdaq 100 exceeding the lesser of 4.4% or the weight of the stock with the fifth-largest market valuation. That points to at least a slight decline in TSLA stock's weight.

The official reweightings should be released on Friday, perhaps after the close. That will also include stocks that will see increased weightings.

Eoin Treacy's view

The Nasdaq-100 may have less money following it than the S&P500. However, many of the most liquid options are attached to the index and mega-cap stocks. The Invesco QQQ ETF has an NAV of $200 billion. Readjusting weightings away from the largest constituents over the next two weeks represents a clear risk of mean reversion while also favouring the smallest constituents of the Index.